RL360 retains B+ Financial Strength rating from AKG
AKG describes RL360 as a financially strong standalone operation. No other offshore provider has a higher rating.
We have retained our coveted B+ Financial Strength rating from independent actuaries AKG in their latest Report. We also retained 4 star supporting ratings for Service, Image and Strategy and Annual Review.
This is the first new AKG Rating for RL360 following its management-led buyout in November 2013.
The report states: “Following the sale, AKG considers RL360 to be a financially strong standalone operation with very strong operational characteristics and positive development potential. It is operating profitably and it remains well capitalised.”
RL360 Chief Executive David Kneeshaw said: “I’m delighted to have retained our AKG Rating following our successful MBO last year. No other offshore life operation has a higher rating, which reflects not only our financial strength but also our progress since the MBO.”
In November last year, the Royal London Group (RLG) entered into an agreement with funds advised by independent private equity firm Vitruvian Partners to support a management-led buyout of Royal London 360 for an undisclosed sum. As a result, the company was rebranded RL360.
The sale saw RL360 further strengthened through support from the global reinsurance group Munich Re, as well as an element of long term financing from RLG, and in addition to capital from Vitruvian.
AKG Actuaries and Consultants Ltd specialise in the provision of ratings, information and market assistance to the financial services industry. The company’s reports are designed to provide advisers the information they need to assess the relative strengths of offshore long term insurers.
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